A 36% APR cap enacted in 2023 replaced the prior fee-based structure.
What a Cash Advance Costs in New Mexico
New Mexico enacted a 36% APR cap on small consumer loans in 2023, replacing the fee-based structure that previously governed short-term cash advances.
Loan Size, Term, and Renewal Rules
The change was part of a broader wave of states adopting the same 36% benchmark used in the federal Military Lending Act.
| Factor | Rule |
|---|---|
| Rate cap | 36% APR |
| Enacted | 2023 |
Verify current rules with the New Mexico Regulation and Licensing Department before applying with any lender — this summary is for general information only, not legal advice.
Comparing Your Options in New Mexico
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